Investors with significant financial resources are showing a bullish outlook on Broadcom (AVGO), as indicated by a surge in unusual options trades detected by Benzinga’s options scanner. While it remains uncertain whether these trades are being made by institutions or affluent individuals, the magnitude of the activity suggests insider knowledge about potential market movements.
A total of 27 unusual options trades for Broadcom were identified, with a split sentiment of 44% bullish and 33% bearish among the deep-pocketed traders. Of these trades, 7 were puts totaling $835,112, and 20 were calls totaling $1,373,393. The main market drivers are focusing on a target price range of $1,170.0 to $1,960.0 for Broadcom over the next three months, based on trading volumes and open interest.
Examining the volume and open interest trends for calls and puts within the $1,170.0 to $1,960.0 strike price range for Broadcom over the past month provides crucial insights into stock research. Key trades include put and call sweeps with varying trades sizes and sentiments, indicating diverse opinions among traders.
Broadcom, the sixth-largest semiconductor company globally, operates in multiple software businesses with over $30 billion in annual revenue. Its product lines span wireless, networking, broadband, storage, and industrial markets. The company engages in fabless design and some in-house manufacturing, catering to a broad customer base ranging from consumer electronics to large enterprises and governments.
The current trading volume for Broadcom is 87,827, with a 0.04% increase in price to $1,592.64. However, current RSI values suggest the stock may be nearing overbought territory. The next earnings report is expected in 63 days, adding further uncertainty to the stock’s future performance.
In terms of analyst opinions, a total of 5 professional analysts have provided their insights on Broadcom in the last 30 days. The average price target stands at $1,809.0, with various analysts maintaining a Buy rating and setting price targets ranging from $1,650 to $2,045. Traders are urged to exercise caution when engaging in options trading, as it presents both risks and rewards that require careful management and monitoring of market indicators.
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Article Source
https://www.benzinga.com/insights/options/24/06/39525986/check-out-what-whales-are-doing-with-avgo
